Pakistan plans to unveil new plastic currency notes next year

A money changer counts Pakistan's currency at a market in Karachi on January 6, 2023. (AFP/File)

• The top central bank official says the new currency will have enhanced security features
• The bank will test the plastic currency and begin to circulate it after public acceptance

ISLAMABAD: Pakistan may witness the circulation of new banknotes next year, it emerged on Wednesday, as the central bank is evaluating the viability of introducing plastic currency in the country.
The issue came up for discussion during a meeting of the Senate Standing Committee on Finance and Revenue, presided over by Senator Saleem Mandviwalla.
Plastic currency refers to banknotes made from polymer, a durable plastic material, instead of traditional paper. These banknotes are more resistant to wear and tear, harder to counterfeit and often include advanced security features like transparent windows and holograms.
They are used in several countries, including Australia and Canada.
“The Committee reviewed issues regarding digital and plastic currency,” said an official statement released after the meeting. “Governor State Bank Jameel Ahmed reported that new currency notes are being developed and that the life span of plastic notes is under evaluation.”
“It was briefed that State Bank will internally finalize the prerequisites of introducing new currency notes by December,” the statement added.
The top central bank official said the plastic currency would be tested and issued based on public acceptance.
He also assured that the new currency would include enhanced security features.